Comparison of bitcoin and gold are pretty common. Some experts even call bitcoin a digital (or new) gold. Interestingly, these assets are almost the same price dynamics.
Twitter user, Nunia Bizniz released a chart of bitcoin prices in 2013 and 2018, and the price chart of gold since 1976 to the present day. Similarities of price movements is amazing.
Bisnis says that if you imagine the chart in a logarithmic scale, we can see the “supernatural” similarity (although the graphics gold, of course, corresponds to a longer time interval).
Some time ago a well-known American economist Paul Krugman said that bitcoin’s usefulness more apparent than in the precious metal. He even stated that bitcoin may be more useful to people than “dead gold”.
Entrepreneur and investor John Feffer, in turn, believes that bitcoin is the first viable solution that can replace gold. Earlier the same was said and the famous entrepreneurs the Winklevoss twins (who recently launched the world’s first adjustable stablon):
We believe that bitcoin can change all that is associated with gold. We think that the best gold now is bitcoin, if you look from the point of view of the properties of money. What makes gold gold? His narrow-mindedness. Bitcoin does also a limited stock, but it’s not just the limitations: bitcoin is more mobile, portable, interoperable and sustainable. This is like the best gold, and on all aspects.
Bitcoin for the first time was more expensive than gold in March 2017. Then the price of the cryptocurrency number one reached $1268, a Troy ounce was worth $1233.